Announcing Economic Development Week May 9-15
The International Economic Development Council celebrates National Economic Development Week May 9-15. The purpose of the campaign is to increase awareness of local programs that create jobs, advance career development opportunities and improve the quality of life in communities around the country.
Franklin Southampton Economic Development Inc. (FSEDI) exists to diversify the local economy, create and retain high-quality jobs and provide a meaningful future for the families and youth of Franklin Southampton. Over the course of this week, FSEDI will share valuable metrics surrounding local economic impact, celebrate our phenomenal small businesses and provide tangible examples of how a local resident can participate in furthering economic development goals and incentives.
Since 2017, FSEDI has seen over $85 million in investments of new and expanding businesses within Franklin Southampton limits. In addition, over 30 new and expanding businesses have signed a lease to become a tenant at the Franklin Business Center. The Community Business Launch program, STARTUP Franklin Southampton, has given away $123,000 in prize money for retail businesses to start their company. Ten Franklin Southampton businesses are open today as a direct result of program participation.
Allow me to provide an example of economic impact surrounding local business success in our community: over the course of 6 months in 2020, FSEDI was able to distribute $331,000 in emergency COVID-relief grant funding to Franklin Southampton business owners. The funding gave coverage, primarily, for fixed-cost expenses, enabling business owners to keep their business operating during the pandemic shutdown. When residents ‘Keep It Local,’ spending money at our retail and service businesses, .66 of every dollar spent stays in our community: providing funding to improve our quality of life.
We all have a crucial role to play in economic development, I hope you will find meaningful ways to celebrate Economic Development week with us.
Chairman, Franklin Southampton Economic Development Inc.